August 2, 2010

5 Tips for Being Successful at Working from Home

ABC had a great story earlier this week with a number of legitimate work from home opportunities. The story covers everything from blogging to selling jewelery online.

It’s a great and quick read for anyone dreaming about working from home.

If you are seriously considering starting your own home-based business, here are five suggestions for ensuring your success:

(1) Pick something you’re passionate about

Just because your neighbor’s cousin told you how he earns $2,000 a month selling greeting cards online doesn’t mean that’s what you should do. Money is an important part of the equation, but it shouldn’t be your first consideration. If you follow your passion and find a way to translate that into a viable business model, you will dramatically increase your chances of long-term success.

(2) Do your due diligence

A few quick Google searches will undoubtedly net you a bevy of information about the online business you are considering going in to. Learn as much as you can about marketing, profit ratio and hidden costs. The more you know before you launch your business, the better you will be positioned to avoid the pitfalls of those who have gone before you.

(3) Stick to a schedule

Whether your new home-based business venture is your full-time job or an additional income stream you work on in your spare time, it’s important to treat the venture as a job. Set a schedule for yourself and stick to it. If that means working for two hours early in the morning or grabbing a couple of hours at the end of the day, find a way to work without distraction during your allotted time frame.

(4) Don’t go into debt to start your business

Did you know that more than 75% of all new business ventures fail? I don’t tell you this to scare you, but rather to drive home the importance of taking a conservative approach to your new venture.

If you pay as you go, and work to ensure that your business model is viable, you will avoid the #1 cause of failure: excessive debt.

(5) Work your network

Most small, home-based ventures rely on word of mouth for their initial marketing. Now is not the time to be shy. Put a link to your website in your email signature. Print up business cards with the venture’s name, phone number and URL — and then be sure to hand them out to everyone you know. Consider submitting a press release to your local newspaper, especially if your company is targeting people in your own community.

Have you launched your own small business from home? What tips do you have to share with our readers to help ensure their success as home-based entrepreneurs?

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